NJCPA IssuesWatch Podcast

A new book, Accounting for Times: Evolve or Dissolve, delves into what accounting firms need to do to thrive in today’s business environment. The book’s authors – Rachel Anevski and Dr. Jessica Levin – join us to discuss how firms can adjust to the expectations of young professionals, private equity versus ESOPs, how firms can embrace AI, and more. 

Resources:

• Purchase Accounting for Times: Evolve or Dissolve
• More about Jessica Levin and Seven Degrees
• More about Rachel Anevski and Matters of Management
• Firm Administration Knowledge Hub

This episode recaps recent regulations and guidance regarding accounting for cryptocurrency and digital assets, including a taxonomy for classifying digital assets and a review of FASB ASU on accounting for and disclosure of digital assets.

*** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. ***

Resources:

• AICPA article: A taxonomy for classifying digital assets
• FASB ASU 2023-08, Accounting for and Disclosure of Digital Assets
• https://www.aicpa-cima.com/resources/article/bitcoin-basics-for-nfps-accepting-and-valuing-crypto-asset-gifts
• Cryptocurrency and digital assets articles and events
• Accounting and auditing articles and events
• Join the Accounting & Auditing Standards Interest Group

How can CPA firms maximize the use of generative artificial intelligence (AI) while mitigating its risks? CNA Insurance’s Sarah Ference discusses concerns about data privacy, bias and the reliability of generative AI’s content as well as steps firms can take to ensure that these tools are used in a responsible and beneficial manner.

Resources:

• AI/Automation Knowledge Hub
• Generative AI and risks to CPA firms
• CNA Insurance

The information, examples and suggestions presented in this podcast have been developed from sources believed to be reliable, but they should not be construed as legal or other professional advice. CNA accepts no responsibility for the accuracy or completeness of this podcast and recommends the consultation with competent legal counsel and/or other professional advisors before applying this material in any particular factual situations. This material is for illustrative purposes and is not intended to constitute a contract. Please remember that only the relevant insurance policy can provide the actual terms, coverages, amounts, conditions and exclusions for an insured. All products and services may not be available in all states and may be subject to change without notice. “CNA” is a registered trademark of CNA Financial Corporation. Certain CNA Financial Corporation subsidiaries use the “CNA” trademark in connection with insurance underwriting and claims activities. Copyright © 2024 CNA. All rights reserved.

Cryptocurrency OG Jeremy Nau, CPA, joins us to discuss how blockchain-based audits help produce better data and analytics. He also shares his wish list for standards related to crypto accounting and tips for CPAs looking to get involved in the space.

Resources:

• Cryptocurrency and Digital Assets Knowledge Hub
• The Network Firm

Understand the risks involved in signing non-disclosure agreements, make sure your firm is on schedule to conform to the AICPA’s new quality management standards, and learn about the PCAOB’s annual report regarding audits of broker dealers.

*** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. ***

Resources:

• AICPA quality management resources
• PCAOB Annual Report on the Interim Inspection Program Related to the Audits of Broker Dealers
• Accounting and auditing articles and events
• Join the Accounting & Auditing Standards Interest Group

The legislative landscape for artificial intelligence and privacy rights is rapidly evolving, and states are taking different approaches. Bill Kramer of MultiState Associates joins us to discuss the latest developments nationwide and how they could influence New Jersey's policies.

Resources:

• Legislative Action Center
• MultiState Associates

In part two of a two-part episode, Brad and Frank continue to discuss the AICPA’s Technical Q&As. This episode covers cash balances and cash flow statements. 

*** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. ***

Resources:

• AICPA Technical Questions and Answers
• Accounting and auditing articles and events
• Join the Accounting & Auditing Standards Interest Group

Running a business can be tough. But what if you had a secret weapon? Find out how to harness the power of data analytics and dashboards to streamline operations, increase efficiency and achieve your business goals.

Resources:

• FourZeroNine Solutions
• Data Analytics Knowledge Hub

In part one of a two-part episode, Brad and Frank review four key topics included in the AICPA’s Technical Q&As: Pro bono and below-cost fees; familiarity threat; hosting/portal access for clients; and tax planning/prep as non-attest services.

*** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. ***

Resources:

• AICPA Technical Questions and Answers
• Accounting and auditing articles and events
• Join the Accounting & Auditing Standards Interest Group

A new report by the Illinois CPA Society reveals accounting students’ and early career accounting professionals’ perceptions of CPAs and the CPA credential, along with the top challenges and deterrents driving their decisions. ICPAS’ Geof Brown and Kari Natale join us to discuss the findings – and what those who are already in the profession can do to make it more appealing to the next generation of CPAs.

Resources:

• Re-Decoding the Decline: An Updated CPA Pipeline Report
• CPA Pipeline Knowledge Hub